{"id":1004035570,"date":"2011-12-19T07:37:40","date_gmt":"2011-12-19T15:37:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035192"},"modified":"2022-12-08T17:32:47","modified_gmt":"2022-12-09T01:32:47","slug":"vornado-kushner-jv-to-recap-nycs-666-fifth-ave","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-kushner-jv-to-recap-nycs-666-fifth-ave\/","title":{"rendered":"Vornado, Kushner JV to Recap NYC&#039;s 666 Fifth Ave."},"content":{"rendered":"<p><strong>December 19, 2011<\/strong><br \/>\nBy Barbra Murray, Contributing Editor<br \/>\n<div id=\"attachment_1004035193\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121911-666-Fifth-Ave-NYC.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004035193\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/121911-666-Fifth-Ave-NYC.jpg\" alt=\"\" title=\"121911 - 666 Fifth Ave NYC\" width=\"300\" height=\"224\" class=\"size-medium wp-image-1004035193\" \/><\/a><p id=\"caption-attachment-1004035193\" class=\"wp-caption-text\">Image courtesy Wikipedia user David Shankbone<\/p><\/div><\/p>\n<p>A new co-owner steps in at 666 Fifth Avenue, a 1.5 million-square-foot office tower in Manhattan, as Vornado Realty Trust establishes a joint venture with an affiliate of the Kushner Cos., the current owner, to recapitalize the office segment of the premier property. The transaction gives Vornado a 49.5 percent stake in the asset, and leaves Kushner to hold onto the remaining 50.5 percent interest.<\/p>\n<p>The transaction also allowed for the conversion of the current $1.2 billion mortgage to a $1.1 billion A-Note coupled with a $115 million B-Note. Additionally, Vornado and Kushner will throw in a respective 80 million and $30 million to the joint venture to finance tenant improvements and provide working capital for the 39-story building.<\/p>\n<p>Lenders have warmed up to the Manhattan commercial real estate market to such a degree that it almost seems like the credit crunch never had its grip on the city. Last month RBC Capital Markets came through with a $115 million adjustable-rate loan for the refinancing of 980 Madison Ave, a 130,500-square-foot mixed-use property. In October, MetLife Inc. revealed it had provided a $350 million, five-year, fixed-rate mortgage for the office condominium unit at the 907,000-square-foot Bertelsmann Building at 1540 Broadway. And acting as the lead lender on a $725 million loan for the 1.6 million-square-foot office and retail asset at 601 Lexington Ave., MetLife supplied $375 million.<\/p>\n<p>Buyers and lenders alike have taken a great interest in Manhattan this year and 666 Fifth has benefited on both sides. In March, a 38,750-square-foot retail condominium space at the high-rise fetched $324 million, when a joint venture consisting of  the Carlyle Group, Crown Acquisitions and Kushner Cos. sold the space to Spain\u2019s Inditex Group.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new co-owner steps in at 666 Fifth Ave., a 1.5 million-square-foot office tower in Manhattan, as Vornado Realty Trust establishes a joint venture with an affiliate of the Kushner Cos.<\/p>\n","protected":false},"author":1201,"featured_media":1004038228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21742,10,21747],"tags":[],"class_list":["post-1004035570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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